Property auctions go online

The online auction site, which will allow banks to auction all property types, forms part of Alliance Group's rapid auction programme for distressed sales. It's Alliance's first foray into online property auctions, however.

Alliance Group, which recently acquired the web domain site www.auction.co.za, aims to take the buying and selling of property to a whole new level.

Chief executive Rael Levitt says the initiative was launched to improve the exposure of bank clients by allowing them to sell property on three of the country's largest websites.

Private Property, Bidorbuy and Alliance Group are the busiest websites in their respective categories in the country, with a combined 750 000 unique browsers on a monthly basis and more than 30 years of combined experience.

"Now our clients can enjoy all the excitement of a real-time, online auction from the comfort of their own homes. And the auctions are transacted in a completely secure environment, with every effort made to sell all lots online," says Levitt.

And the auction facility allows sellers to increase the scope of their traditional reach, exposing their property to a much broader investor base, Levitt says.

Source: The Times

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